Flutterwave, Africa’s top payments technology firm, has announced its strategic alliance with Audiomack, the unlimited music-streaming and discovery platform.
Following the signing of this agreement, Audiomack will be able to provide premium music experiences and unlock new features for its users and artists in exchange for a fee.
As Audiomack enters its next phase of expansion across Africa, the relationship with Flutterwave provides its users with simple and secure money processing possibilities.
This agreement will allow Audiomack to offer more payment options, such as bank transfers, local cards, and mobile money, that are unique to African users, making the platform more accessible across the continent.
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Audiomack has a strong presence in nearly all 54 African countries. The streaming platform has emerged as the go-to platform for artists, tastemakers, labels, and fans looking to discover and share music from varied African cultures.
The streaming platform has been devoted to assisting the African music scene since its founding in 2012, creating a Lagos office and growing its footprint in key African markets such as Kenya, Tanzania, Uganda, and South Africa by 2021.
The collaboration also provides African artists with improved monetization options. With Flutterwave’s expertise in secure and dependable payment processing, Audiomack will provide more chances for African musicians to monetise their work.
This includes providing smooth payment options to fans who wish to directly support their favourite musicians.
Read also: Flutterwave, Token.io Enable Pay-By-Bank Transfers in U.K. and E.U
Flutterwave founder on the partnership
Flutterwave’s Founder and CEO, Olugbenga Agboola, commented on the announcement, saying, “We are excited to join forces with Audiomack and contribute to the growth of Africa’s music industry. By leveraging our technology, we will expand the Audiomack user base across Africa while empowering African artists with increased monetization opportunities. Audiomack’s commitment to promoting African music and providing a platform for artists to showcase their talent aligns perfectly with Flutterwave’s mission to simplify payments and foster economic growth across the continent. This partnership represents a significant step forward in realising these shared goals.”
On his part, Co-Founder and CEO, Audiomack, Dave Macli, said: “We are delighted to partner with Flutterwave to enhance the Audiomack experience for our African users. This collaboration enables us to bring Audiomack to even more people in Africa and gives African artists the tools they need to thrive and monetize their art effectively.”
“We are delighted to partner with Flutterwave to enhance the Audiomack experience for our African users”, Dave Macli, cofounder and CEO of Audiomack, said in response to the news.
He explained that “this collaboration enables us to bring Audiomack to even more people in Africa and gives African artists the tools they need to thrive and monetize their art effectively.”
Significance of Flutterwave-Audiomack partnership
The collaboration between Flutterwave and Audiomack represents an important milestone in the African music industry, driving its growth and broadening its global footprint. African Audiomack consumers may expect increased access to Audiomack’s large music library and a better user experience, while African musicians will have more prospects for financial success and artistic acclaim.
Rise of Africa music streaming
The Sub-Saharan African (SSA) area witnessed the fastest growth in the recorded music market in 2022, according to the IFPI’s 2023 Global Music Report. The SSA region saw a 34.7% gain, making it the only region with more than 30% growth and the fastest-growing region for recorded music revenues in 2022, according to the IFPI. The streaming revenue estimates in South Africa, the SSA region’s largest market, accounted for a substantial portion of this growth. South Africa grew by almost 31.4% in 2022, compared to a meagre 2.4% growth the previous year.
According to Statista, the African music streaming market is expected to generate US$372.80 million in sales in 2023, with an annual growth rate of 8.89%. At this rate, the anticipated market volume by 2027 is $524.10 million, which is astounding given that some of the most popular streaming services were only recently introduced to Africa. These facts and figures demonstrate the rapid expansion of streaming in the SSA music market; nevertheless, who or what deserves credit for this extraordinary success? Several variables stand out as important drivers of increased streaming growth in the Sub-Saharan African music sector.